The stockholders' equity section of Sheffield Corp. balance sheet at December 31, 2019, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 430,000 shares authorized; 350,000 issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $3,500,000 1.250.000 4,750,000 800,000 $5,550,000 During 2020, the following stock transactions occurred: Jan. 18 Aug. 20 Issued 88,000 shares of common stock at $23 per share. Purchased 21,000 shares of Sheffield Corp.common stock at $26 per share to be held in the treasury. Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan 18 Stock Dividends Type here to search estion 9 of 10 -/15 II Prepare the journal entries to record the above stock transactions. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Debit Credit Jan. 18 Account Titles and Explanation Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par Value-Common Stock V Aug. 20 Common Stock Dividends Distributable Common Stock e Textbook and Media List of Accounts Prepare the stockholders' equity section of the balance sheet for Sheffield Corp. at December 31, 2020. Assume that net income for the year was $160,000 and that no dividends were declared, (Enter account name only and do not provide descriptive Information) ype here to search - 15 SHEFFIELD CORP. Balance Sheet(Partial) December 31, 2020 Stockholders' Equity Paid-in Capital $ Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less: Treasury Stock Total Stocholders' Equity $ e Textbook and Media Type here to search O I 9